GBP/USD struggles at 1.2400 and stumbles toward 1.2360 on US data, dismal UK retail sales.

GBP/USD trims some of Wednesday’s gains after treading above 1.2400, United States economic data bolstered the US Dollar, a headwind for the Pound Sterling.Retail Sales in the UK were dismal while Brexit negotiations improved, according to McGrath, Irish PM. GBP/USD dipped as the release of US economic data bolstered the US Dollar (USD), which isContinue reading “GBP/USD struggles at 1.2400 and stumbles toward 1.2360 on US data, dismal UK retail sales.”

EUR/JPY Price Analysis: A drop to the 200-day SMA remains in store.

EUR/JPY loses further ground and breaches the 142.00 level.The next support is seen at the key 200-day SMA near 140.80.EUR/JPY adds to the weekly leg lower and breaks below the key support at 142.00, or 2-day lows, on Wednesday. In case the downside accelerates, the next support of note emerges at the 200-day SMA, todayContinue reading “EUR/JPY Price Analysis: A drop to the 200-day SMA remains in store.”

Gold Price Forecast: XAU/USD drops beneath $1930 on better-than-expected US PMI.

Gold price tumbled 0.50% on Tuesday after the release of US PMI data.US S&P Global PMIs remained in contractionary territory but appeared to bottom out.The US Federal Reserve is expected to raise rates by 25 bps, as CME FedWatch Tool shows. Gold Price Analysis: On a pullback before resuming its uptrend. Gold price struggles toContinue reading “Gold Price Forecast: XAU/USD drops beneath $1930 on better-than-expected US PMI.”

GBP/USD dwindles and falls to 1.2320s on US data, weak UK’s PMI

GBP/USD reached its daily low after the release of US S&P Global PMIs. Business activity in the UK reignited recession fears and weakened the GBP.The market expects the Bank of England to hike rates by 50 bps on February 2 – RTRS Poll. GBP/USD surrenders 1.2400 and drops towards the 1.2310 regions amid a mixedContinue reading “GBP/USD dwindles and falls to 1.2320s on US data, weak UK’s PMI”